November 25, 2017

The “Do It Yourself Bailout” – Part Six of Jonathan’s Interview with Kenny Golde

Have you ever wondered what it takes to settle your debts for pennies on the dollar?  Recently I interviewed Kenny Golde, a self employed filmmaker who found himself almost a quarter of a million dollars in debt when when a business deal fell victim to the economic downturn.   Using negotiation techniques he developed (and has subsequently written about in a book), Kenny has managed to eliminate more than half of this debt through negotiation.  Here is part six of our conversation – it lasts about 4 minutes.  This is the last segment of this interview – parts 1 through 5 may be found in the five posts immediately preceding this one.  In this segment, Kenny and I talk about the tax consequences of debt forgiveness and the insolvency rule that eliminates tax liability for most people.

Link to IRS Form 982 – used to declare forgiven debt as non-taxable

Link to Kenny Golde’s book “The Do It Yourself Bailout.”

About Jonathan

Jonathan Ginsberg represents honest, hardworking men and women in the Atlanta area who need personal bankruptcy protection. In practice for over 25 years, Jonathan teaches bankruptcy law and practice at legal continuing education seminars and he is a founding member of the Bankruptcy Law Network. Jonathan lives with his wife and children in Atlanta.

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